Trading System using Awesome Oscillator
For four weeks now I've been using a simple trading system that uses a great oscillator and accelerator/decelerator oscillator and was hoping I could get some help and ideas on how to make it better and set up stop losses and take profits.
I'm using the Momentum Oscillator (AO) and the Acceleration/Deceleration Oscillator (AC) on the 4-hour MetaTrader GBP/USD chart.
I enter the trade at the close of the 4 hour candle when the color changes on AO and there are two consecutive and identical colors on AC. I exit the trade at the close of the 4 hour candle when the AO and AC have the same opposite color. (i.e. if AO turns from red to green while AC is green and the previous AC 4 hour is green, I buy. When AO and AC are both red on the 4 hour close, I close the position).
I entered the trade with two identical lots, with my stop loss set to -70 pips in both. At +50 pips, I move one lot to break even. At +100 points I move the first batch to 50 points trailing and the second batch to BE. At +150 pips, I move the second lot to 100 pips trailing.
Since I use Oanda , I have to manually move my stops for trailing stops, which means I sometimes miss the exact point.
System totals for the week of January 7-12 were +564 points, January 14-19 were -191 points, and January 21-26 were +70 points. This is the total number of points for both batches. This week I bought two lots at 1.9574 on Monday morning. The stop loss price of the first batch is +70 points, the current stop loss price of the second batch is +54 points, and the stop loss is located at BE.
I didn't get close to the system total the first three weeks because I kept guessing at the system.
Any insights into the system, stop loss, take profit etc. Any help would be greatly appreciated.
I'm using the Momentum Oscillator (AO) and the Acceleration/Deceleration Oscillator (AC) on the 4-hour MetaTrader GBP/USD chart.
I enter the trade at the close of the 4 hour candle when the color changes on AO and there are two consecutive and identical colors on AC. I exit the trade at the close of the 4 hour candle when the AO and AC have the same opposite color. (i.e. if AO turns from red to green while AC is green and the previous AC 4 hour is green, I buy. When AO and AC are both red on the 4 hour close, I close the position).
I entered the trade with two identical lots, with my stop loss set to -70 pips in both. At +50 pips, I move one lot to break even. At +100 points I move the first batch to 50 points trailing and the second batch to BE. At +150 pips, I move the second lot to 100 pips trailing.
Since I use Oanda , I have to manually move my stops for trailing stops, which means I sometimes miss the exact point.
System totals for the week of January 7-12 were +564 points, January 14-19 were -191 points, and January 21-26 were +70 points. This is the total number of points for both batches. This week I bought two lots at 1.9574 on Monday morning. The stop loss price of the first batch is +70 points, the current stop loss price of the second batch is +54 points, and the stop loss is located at BE.
I didn't get close to the system total the first three weeks because I kept guessing at the system.
Any insights into the system, stop loss, take profit etc. Any help would be greatly appreciated.
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